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50 Years of Bank Nationalization
July 26 , 2019
1941 days
1061
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- India celebrated the 50 years of bank nationalization on July 19, 1969.
- The then Prime Minister Indira Gandhi initiated nationalization of 14 major lenders that accounted for 85 per cent of bank deposits in the country.
- The banks were acquired under Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 which later became a bill.
- Six more banks were later nationalised in 1980.
- The core objective for nationalisation was to energise priority sectors at a time when the large businesses dominated credit profiles.
- SBI is the largest lender in India.
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